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( NYBOT)
The New York Board of Trade (NYBOT) is a wholly-owned subsidiary of IntercontinentalExchange (ICE). It is a physical commodity futures exchange located in New York City. It originated in 1870 as the New York Cotton Exchange (NYCE). In 1998, the New York Board of Trade became the parent company of both the New York Cotton Exchange and the Coffee, Sugar and Cocoa Exchange (CSCE) (founded in 1882) and that now function as divisions of the NYBOT. On September 14, 2006, NYBOT agreed to become a unit of ICE and this transaction was completed on January 12, 2007.[1] The New York Board of Trade was a private company founded by Tom Green and Alfredo Williams prior to its merger. The floor of the NYBOT is regulated by the Commodity Futures Trading Commission, an independent agency of the United States Government. Each individual company that trades on the exchange must send its own independent brokers. Therefore, a few employees on the floor of the exchange represent a big corporation and the exchange employees only record the transactions and have nothing to do with the actual trade. On February 26, 2003, NYBOT signed a historic lease agreement with the New York Mercantile Exchange (NYMEX) to move into its World Financial Center headquarters and trading facility after the NYBOT's original headquarters and trading floor was destroyed in the September 11, 2001 Terrorist Attacks on the World Trade Center.[2] NYBOT currently pays about $5 million per year in rent for the leased facility.[3] The New York Board of Trade was able to operate out of its emergency Queens backup facility built after the 1993 World Trade Center bombing to keep the exchange running.[4] On May 7, 2004, NYBOT opened a new trading pit for ethanol futures.[5] Ethanol is a common type of alcohol which can be used as a fuel. This type of fuel has become a very popular alternative to fossil fuels due to the current energy crisis. The contract was delisted due to lack of activity and the popularity of the CBOT-traded ethanol contract as of December 18th, 2007.[6]
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